[MARKET UPDATE] Precious metals extend on record levels with spot silver topping USD 107/oz after gaining around 3.8%, while spot gold briefly climbed above USD 5050/oz for the first time

Precious metals extend on record levels with spot silver topping USD 107/oz after gaining around 3.8%, while spot gold briefly climbed above USD 5050/oz for the first time.

The significant upward movement in precious metals, particularly with spot silver surpassing USD 107 per ounce and gold exceeding USD 5050 per ounce, indicates strong demand and possibly heightened inflation concerns. This surge may reflect safe-haven buying amidst economic uncertainty, which typically supports the commodities market, while also influencing related markets like FX and equities as investors seek protection against currency depreciation.